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News Story
8/3/2010
Posted by Consumer Watchdog
WASHINGTON-When Anthem Blue Cross tried to raise health insurance premiums in California by 39 percent this year, the move became a rallying point for proponents of health care reform legislation, and the landmark bill won final passage soon after. So what will the health care reform bill actually do about double-digit premium hikes? The answer to...
News Release
8/3/2010
Posted by Consumer Watchdog
$1 Million Grant Would Bolster Industry-favored Schwarzenegger Plan, Help Kill Actual Regulation of Insurance Companies Washington, DC -- Consumer Watchdog today asked Health and Human Services Secretary Kathleen Sebelius to reject Gov. Arnold Schwarzenegger’s request for a $1 million grant under the new health reform law. The grants are...
News Story
7/30/2010
Posted by Consumer Watchdog
As an Aug. 31 deadline nears, state lawmakers haggle over how difficult it should be for companies to significantly raise premiums. Insurance analysts say they expect Gov. Arnold Schwarzenegger and state lawmakers to move quickly — the Legislature is scheduled to adjourn Aug. 31, and all pending legislation that doesn't pass by then will...
News Release
7/30/2010
Posted by Consumer Watchdog
If Californians Have to Buy Health Insurance, Insurers Have to Be Regulated, Says Watchdog’s Letter to Gov. Santa Monica, CA -- Consumer Watchdog has called on Gov. Arnold Schwarzenegger to withdraw weak pseudo-reforms of the health insurance industry that would bar strong regulation of health insurers. Schwarzenegger sent his proposals this...
Blog Post
7/22/2010
Posted by Consumer Watchdog
I flew back to Los Angeles this week to touch base with colleagues in CW's Santa Monica office, and sit on a panel discussion about the financial reform package at Town Hall Los Angeles. It couldn't have been better-timed. The panel - planned months in advance - was the day before President Obama signed the bill. I joined an SEC regulator,...
News Release
7/15/2010
Posted by Consumer Watchdog
Washington, D.C. – Consumer Watchdog applauded final Congressional passage today of the Wall Street Reform and Consumer Protection Act, which now heads to President Obama for his signature.   “Nearly two years after the financial crisis brought the nation’s economy to its knees, this bill is a critical first step toward...
News Story
7/12/2010
Posted by Consumer Watchdog
WASHINGTON -- For Aetna and other insurers, the battle over health-care reform is not over. It has just shifted to new decision-makers, a more obscure process, and a series of questions that are narrower, yet still significant. Exhibit A in the ongoing lobbying fray is an effort to shape one of the most important regulations in the health-care...
News Story
7/2/2010
Posted by Consumer Watchdog
Agency must provide outline of authority, merge lending laws WASHINGTON - While passing a bill that would create a consumer protection agency has proved challenging enough, that task may pale in comparison to actually setting up the new regulator. The regulatory reform bill lays out an ambitious agenda for the Consumer Financial Protection Bureau...
Blog Post
7/1/2010
Posted by Consumer Watchdog
As Angelides pounds the gavel and adjourns the hearing, there is one question that is yet to be resolved amongst the Commission: How much of the crisis can be attributed to overarching regulatory deficiencies and how much of it can be attributed to poor risk management and incompetence by individual firms? Or are these two inextricably...
Blog Post
7/1/2010
Posted by Consumer Watchdog
Commissioner Peter Wallison is suggesting that Credit Default Swaps are not inherently problematic. We just don't understand the underlying principles, he tells the witnesses. Wallison is asserting that CDS are just loans under another name, and if society and financial firms come to understand CDS everything will be fine. Gary Gensler, Chairman...